GoGold Resources (GGD) Receives a Buy from H.C. Wainwright

Today, an analyst has provided a rating update for GoGold Resources (GGD). H.C. Wainwright’s analyst Heiko Ihle reiterates their Buy rating on the shares, with a C$0.90 price target.

Ihle commented:

“We note that production increased each month for a total of 325,148 silver equivalent ounces (SEOs) produced during the quarter. However, production declined by about 10% YoY due to fewer ounces under irrigation caused by the second lift testing that was completed in the spring and summer of 2018. Since finishing the testing, production in 1Q19 increased by 35% compared to 4Q18. We highlight that stacked ore on the leach pad for 1Q19 totaled 355,613 tonnes (-2% YoY), which consisted of 295,015 rehandled tonnes and 60,598 tonnes of fresh tailings. Overall, this leaves less than 100,000 tonnes of ore to be rehandled during 2Q19. Sales declined due to ore still in transport at quarter end.”

According to TipRanks.com, Ihle is ranked 0 out of 5 stars with an average return of -7.5% and a 34.9% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Golden Star Resources Ltd, and Paringa Resources Limited.

GoGold Resources has an analyst consensus of Moderate Buy, with a price target consensus of C$0.90.

GoGold Resources’ market cap is currently C$46.38M and has a P/E ratio of 0. The company has a Price to Book ratio of 0.61.

Gogold Resources, Inc. engages in the exploration, development, and production of gold and silver. Its projects include Parral Tailings and Santa Gertrudis. The company was founded on January 18, 2008 and is headquartered in Halifax, Canada.

The company’s shares closed on Friday at C$0.27.

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